Most companies issue pay raises on an annual basis around the end of the fiscal year.
When it’s been over a year since your last raise. Wait for a genuinely stellar performance, which will make it challenging for your employer to refuse your request. Note that you shouldn’t be asking for a pay bump after each and every project, or your requests won’t be taken as seriously. That way, your achievements are fresh in the mind of whoever’s in charge of pay raises. Just make sure you made some (ideally) quantifiable contribution to the project’s success. If you and/or your team just completed a substantial project (successfully), that’s a good time to put in a salary increase request. When you’ve just completed a big project. On the other hand, if business is booming and the company feels financially flush, they’re more apt to dole out salary increases to top-performers (i.e., you). You know the term “reading the room.” If you’re paying attention and everyone’s on edge because of potential downsizing, it’s probably unwise to ask for a raise. Getting the timing right is critical in boosting your chances of success when sending a salary increase letter. All of which makes for a more effective and straightforward salary increase request. You also get the benefit of having time to think through why you deserve a pay raise without the pressure of coming up with reasons on the spot. Writing a salary increase letter is less awkward than trying to broach the subject in person. Sending a salary increase letter makes for a swifter timeline, so you won’t be on the hook, continually waiting for your raise to come to fruition. When you casually bring up a raise, and your boss casually responds it’s in the works, there’s no physical proof of this exchange. This creates pressure on the company to eventually get you the salary you desire since they can see how long ago you asked and what you asked for. This means that if your request is denied or you receive a smaller pay bump than you asked for, the company can always refer back to what you initially asked for. The letter serves to formalize the request and ensure that it’s taken seriously. In fact, we encourage you to use the letter as one step in the process of asking for a raise. This doesn’t mean you can’t have a conversation with your boss about getting a raise beforehand. You should put your salary increase request in writing because it establishes formal documentation of your request. Why Put a Salary Increase Request in Writing? To help ease some of the awkwardness of asking in person, we have some tips and examples to write an effective salary increase letter. It can be tricky to express why you should receive a salary increase, but putting the request in writing can help you avoid tripping over your words. Asking for a raise is never easy, even when you deserve one.
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